@BlockworksAdv

Blockworks Advisory leverages the curated and tested expertise developed at Blockworks Research to accelerate our protocol clients' path to success.

blockworksresearch.com/advisory
Joined November 2024
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158Media

Looping Is Much Larger Than Tranching. It Doesn’t Have to Be.

In most structured products, the safe asset sits on top. Senior holders accept a lower yield in exchange for protection, and the riskiest capital absorbs losses first. This piece argues for flipping t…

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The State of Crypto Inference Providers

The compute buildout is massive, with trillions invested globally in infrastructure. Despite that, demand is still outrunning supply.

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Reflect: Is Regulation Bringing Back Decentralization?

Trust minimization was a central value of early DeFi innovations like AMMs, lending markets and initial vault architectures.

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Reflect: The Mechanics of Onchain Tranching

DeFi has rarely suffered from a shortage of yield and has instead suffered from a shortage of risk segregation, forcing every participant into the same undifferentiated positions. Tranching separates …

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Ethena Dynamic Cooldown: Three months in, one exploit later

As a member of Ethena Risk Committee, we proposed dynamic cooldown for sUSDe approximately three months ago. The design principle is based on linking the cooldown tenor to the real-time liquidity dept…

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Reflect: Yield Without the Middleman

Reflect is a permissionless onchain system that enables the creation of yield-bearing stablecoins without dependence on a custodial operator.

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Katana March Network Expansion: Records in Revenue

Katana generated approximately $618.9K in total network revenue in March (+197.0% MoM), with Vault Bridge interest remaining the dominant contributor at 84.0% of total revenue, making it the highest r…

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Katana February Network Performance: Capital Resilience

Katana’s February performance reflected a period of possible normalization following January’s elevated revenue base. Total network revenue declined to $208.4K (−34.9% MoM) as capital reposition…

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Katana January Network Performance: Revenue Density and Resilience

Katana generated approximately $319.9K in total network revenue in January (-1.1% MoM), with Vault Bridge interest remaining the dominant contributor at 87.9% of total revenue. Transaction fees recove…

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Katana November Ecosystem Breakdown: Consolidation, Sticky Utilization & Fee-Mix Clarity

Katana moved through November’s market consolidation without breaking its core thesis: a diversified revenue model + structurally high capital utilization. While yield-driven streams and TVL pulled …

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Katana October Ecosystem Breakdown: TVL Expansion & App-Layer Acceleration

Katana closed October with another month of durable performance, showcasing why its diversified revenue architecture and near-perfect capital efficiency separate it from the broader L2 landscape. Even…

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